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Author Topic: In case you're wondering why the price is dropping...  (Read 1683 times)
skivrmt
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January 27, 2014, 05:46:36 PM
 #1

http://www.forbes.com/sites/andygreenberg/2014/01/27/winklevoss-funded-bitcoin-startup-ceo-arrested-in-silk-road-investigation/

He's pretty well know in the Bitcoin community and even part of the Bitcoin Foundation.  Never a good thing...

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1561445941
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January 27, 2014, 05:50:38 PM
 #2

That plus pretty much Bitcoin became illegal in Russia.

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pand70
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January 27, 2014, 05:53:53 PM
 #3

I think some January 31 paranoia will kick in as well.

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January 27, 2014, 06:03:31 PM
 #4

I think some January 31 paranoia will kick in as well.

Yep, get ready for a busy week!

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January 27, 2014, 06:04:13 PM
 #5

I think some January 31 paranoia will kick in as well.
It's not paranoia at all! I just enjoy watching how irrelevant Mt.Gox is - it didn't even care. Also, keep in mind China is asleep - wait a few hours when they wake up to see what's gonna happen at Huobi!

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January 27, 2014, 06:34:42 PM
 #6

This drop is normal for this stage of the market. Bad news may have triggered it a bit sooner,
but the real reason is the clear failure of the bull market. Some big players, including rpietila,
have bought yesterday coins on Gox, amplifying the fools' rally, and sold today on Bitstamp and BTC-E.
They might have had advance warning of the bad news to come.

Sometimes, if it looks too bullish, it's actually bearish
kolev
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January 27, 2014, 06:41:57 PM
 #7

This drop is normal for this stage of the market. Bad news may have triggered it a bit sooner,
but the real reason is the clear failure of the bull market. Some big players, including rpietila,
have bought yesterday coins on Gox, amplifying the fools' rally, and sold today on Bitstamp and BTC-E.
They might have had advance warning of the bad news to come.
No, people can't take money out of Mt.Gox easily so the only way is to buy bitcoins at Mt.Gox and sell them losing money elsewhere. In other words, just the fact that a big player wants to stay in fiat should be very indicative on what's coming.

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January 27, 2014, 07:18:43 PM
 #8

And the Bitcoin ATMs in China are complaining that Bitstamp can't keep up with them and are delaying their cash withdrawals.

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January 28, 2014, 07:59:40 AM
Last edit: January 28, 2014, 08:13:36 AM by BTCTrader1111
 #9

Yes, the bad news has and will drastically affect all digital currencies. The IRS (it was an undercover IRS agent who conducted a large part of the investigation and submitted the report resulting in the charges and arrests....and the evidence submitted, well, both parties appear GUILTY beyond a shadow of doubt!) and US government as a whole have been diligently seeking ways to tax, regulate and basically control Bitcoin and all crypto currencies. Well, now they're declaring this case as a "fact finding" case to "determine" the probability of BTC and all digital currencies being used in a plethora of illicit activities. And, if you read the entire report, they have a slam dunk case. So, thanks to a few greedy idiots who chose to partake in highly illegal activities using Bitcoin, one of which has been referred to as "the face of Bitcoin", it's only a matter of time until Bitcoin and all cryptos will be controlled, regulated, taxed, etc. by the US government. The US government regulatory systems even want to take away ALL the anonymity from BTC and all crypto currencies. In other words, they want ALL transactions logged and reported to the same degree as transactions (and financial gains, etc.) as the US dollar! And if the prosecution wins this case, they WILL implement every law, tax and regulation the US dollar now has. The IRS already DEMANDS Bitcoin and all cryptos be taxed!!! This is very sad as it crushes the foundation of the system as a whole. This of course is mostly just imo, but look at the facts and I think you'll come to similar conclusions. What was a beautiful and liberating idea, Bitcoin, will soon be no different than the world's fiat currencies in terms of laws, taxes and regulations; save for the fact that we may still be able to use it in a multitude of countries without dealing with the cost and hassle of exchanging our respective currencies for the local currency.... Unfortunately, at least for me, Bitcoin just lost most of it's luster. IMO, unless somehow Charles Shrem can pull a miracle out of his behind and win the case (can't see how with the evidence they collected on him), BTC and all crypto prices will trade speculatively awaiting the outcome of the case, but in a downward trend, and if Shrem is convicted, opening the doors for a slew od BTC regulations and laws, the price of BTC will tank! So, thanks a lot Charles Shrem and Robert Faiella....you greedy pigs! Thanks for ruining a great thing for all of us  Angry  I guess they failed to grasp the meaning of the saying, Bulls win, Pigs get slaughtered!" Oh well, the damage is already done. VERY sad!  Full details of the case and evidence here: http://www.businessinsider.com/complaint-against-charlie-shrem-2014-1

I highly recommend you read the FULL report at the bottom of the page as it details much of the evidence collected. Sorry to say but imo, it's a slam dunk case for the prosecution. And the Winklevoss twins look to be at the losing end of yet another venture (BitInstant, CEO is Shrem, which they seed funded $1.5 million into). Oh well, they got they're $80+++ million from Zuckerberg. I think they'll survive lol.

This is also VERY important to read: http://www.forbes.com/sites/kashmirhill/2013/08/12/every-important-person-in-bitcoin-just-got-subpoenaed-by-new-yorks-financial-regulator/

I'm not saying anyone should dump all their BTC holdings. I'm simply sharing information I feel is extremely important to know and that I believe will prove very useful in the Bitcoin community making sound investment decisions in regards to Bitcoin and its' now highly uncertain future. Disclaimer: Everything I personally stated is just my honest and humble opinion and is not to be construed as investment advice of any kind. I'm an idiot who knows only that I know absolutely nothing. Good luck everyone and I hope this information proves useful. Also, I hope there's light at the end of this tunnel. Adios!
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